KUALA LUMPUR — Cosmetics entrepreneur Datuk Seri Hasmiza Othman, better known as Datuk Seri Vida, has reportedly failed to set aside a RM15.5 million default judgment obtained by Maybank Islamic over outstanding loan facilities.
High Court judge Norsharidah Awang dismissed the application by Vida and her company, Vida Beauty Sdn Bhd, after finding that the judgment had been properly obtained and that the applicants failed to show any bona fide defence, according to a report in Berita Harian.
Court documents cited by the report state that the dispute arose from two Commodity Murabahah Term Financing-i (CMTF-i) facilities totalling RM8.946 million granted to Vida Beauty in October 2017 with a 15-year repayment period, for which Vida also signed personal guarantees.
The bank later terminated the facilities after the defendants failed to pay their monthly instalments and demanded full payment of the bank’s sale price, including profit and late payment charges.
On January 6, 2023, the court recorded a default judgment in appearance against the defendants amounting to RM15,520,708.91 after they failed to enter an appearance.
In December the same year, the defendants applied to set aside the judgment and sought an extension of time to file their defence, arguing that the writ and statement of claim had not been properly served and that the bank’s claim was premature.
In her written grounds, Norsharidah reportedly said the delay of about 11 months in filing the application was unreasonable and had not been adequately explained.
She reprotedly added that the defendants failed to present any triable defence and that allowing the application would undermine the finality of proceedings and commercial certainty, while the court also awarded RM5,000 in costs to the bank.
